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Glossary
The contract

Policyholder

Person who signs the contract with the insurer and assumes the obligations derived from it, mainly the payment of the premium.

In practice

In a group, it is advisable that it be the entity with decision-making capacity and not the one with the asset, so that communications and renewals reach those who can resolve them.

Related terms

InsuredHolder of the interest exposed to the risk. May or may not coincide with the policyholder, who is the one who signs the contract and pays the premium.BeneficiaryPerson designated to receive the benefit. In life insurance, their designation can be modified at any time unless expressly waived by the policyholder.PremiumPrice of the insurance, calculated on the risk assumed and increased with legal surcharges and taxes.AccidentEvent of violent, sudden, external cause beyond the insured's will that causes bodily or material damage.Direct action of the injured partyRight of the person who has suffered damage to claim compensation directly from the insurer of the responsible party, without going through them.Aggravation of riskChange in declared circumstances that increases the probability or intensity of the claim. The policyholder must communicate it as soon as possible.
PreviousAll-risk material damageNextUnit linked

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